[SAJ]

Having been a derivatives trader for decades, I'll still have to vote for LTCM in terms of complexity. Multi-currency, multi-duration swaps are just a tiny bit (pardon the irony) more complex than 12-month NG strips, broadband options, and metal leasing.

Being on or off the balance sheet is an accounting and/or tax matter. Off-sheet items make the comprehension of a firm's financial picture more difficult, but don't add anything at all to complexity, per se.

Now, if you want a vote for crookedest management, I'd cheerfully vote for Enron. LTCM may take the prize for arrogance, but they were quite scrupulous.

[WRhine]

Having been a derivatives trader for decades, I'll still have to vote for LTCM in terms of complexity. Multi-currency, multi-duration swaps are just a tiny bit (pardon the irony) more complex than 12-month NG strips, broadband options, and metal leasing.

I stand corrected!